A waiter delivers food to a table at Chelsea Square Restaurant as New York City restaurants open for limited capacity indoor dining on October 1, 2020 in New York.This story is available exclusively to Business Insider subscribers.Coronavirus may have retailers slashing prices to desperately lure shoppers back but they will have to rise to cover rising costs.
"But if you put one product up by 15%, another by 9%, and a third by 4% — and even cut one or two prices a little — then customers will not perceive an overall hike," he says. At the same time, the company set about improving the perceived value of the car-cleaning kits they sell. "If you can clearly and convincingly communicate how your costs have increased and why you don't want to reduce the quality of your products or your service levels, customers can be understanding," he says.
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